REG - Investment Evolution - Admission to Trading and First Day of Dealings
14/12/2023 08:15
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RNS Number : 7048W Investment Evolution Credit PLC 14 December 2023
Investment Evolution Credit plc
("IEC" or the "Company")
Admission to Trading and First Day of Dealings
Investment Evolution Credit plc (AQSE:IEC), a United Kingdom registered
fintech group that operates in the financial services sector, specialising in
online consumer loan, announces that trading in its ordinary shares will
commence on the Aquis Stock Exchange Growth Market ("AQSE") at 8:00 a.m.,
today (14 December 2023), under the ticker "IEC" and ISIN: GB00BPQC9525.
The Company has been admitted to the Access Segment of AQSE ("Admission")
following successful completion of a subscription, raising gross proceeds of
c. £508k.
The expected net proceeds of the subscription will be used for the following
primary strategic objectives:
· continued growth of the consumer loan portfolio in the United States;
· execution of the business plan in the United Kingdom including
application to the FCA for authorisation to provide consumer loans in the
United Kingdom; and
· working capital for the group to accelerate growth.
The Board of the Company comprises Paul Mathieson, Executive Chairman &
Chief Executive Officer, Sameer ("Sam") Prasad, Executive Director, Chief
Financial Officer and Chief Operating Officer, Glendys Aguilera, Executive
Director and Lending Manager, and Neil Patrick, Non-Executive Director.
Paul Mathieson, Executive Chairman & Chief Executive Officer, commented:
"The Aquis Stock Exchange Growth Market listing is a significant milestone for
Investment Evolution Credit plc, allowing us to expand our operations and
reach a larger pool of investors. We believe that AQSE offers a great
opportunity for the Company to gain international recognition and to continue
our growth trajectory in the consumer lending market. By leveraging our
technological expertise, innovative lending platform, and commitment to
customer satisfaction, we are well-positioned to capture the growth
opportunities in both the UK and US consumer lending markets."
The issued share capital of the Company on Admission comprises 14,960,975
ordinary shares.
Principal activities
United Kingdom - IEC Credit Ltd ("IEC Credit")
IEC Credit is preparing to apply to the FCA to become a consumer credit lender
in the United Kingdom and has already commenced preparatory work ahead of
Admission.
The IEC executive team selected the United Kingdom to apply for consumer
credit licensing due to the UK's advantageous fiscal policies, regulatory
environment, demographics and attractive competitive landscape for online
personal loans.
IEC management expect completion of the preparatory work and application
process with the FCA for IEC Credit to become a consumer credit lender in the
United Kingdom to take 12-18 months.
United States - Investment Evolution Corporation trading as Mr. Amazing Loans
("MRAL")
MRAL currently provides $2,000 to $10,000 unsecured online consumer loans via
its website www.mramazingloans.com (http://www.mramazingloans.com) over a
five-year term. Annual interest rates range from 19.9% to 29.9% with no
prepayment penalties, late fees, or default interest for the life of the loan.
The personal loan products are fully amortising, fixed rate, unsecured
instalment loans and all loans are offered at, or below prevailing statutory
rates, with the standard loan product being a 29.9% interest rate/annual
percentage rate unsecured personal loan with a five-year term.
The Company's Admission Document is available to view at:
www.investmentevolution.com (http://www.investmentevolution.com)
The Directors of the Company accept responsibility for the contents of this
announcement.
Enquiries:
Investment Evolution Credit plc
Paul Mathieson iec@investmentevolution.com
Chairman & CEO
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Ludovico Lazzaretti +44 (0) 20 72130 880
Jo Turner
For more information please visit: www.investmentevolution.com
(http://www.investmentevolution.com)
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